9 Ocak 2011 Pazar

AML COMPLIANCE OVERVIEW

In the post-9/11 era, Anti Money Laundering (AML) legislation and compliance to
AML requirements have become key focus areas for banks, law firms, asset
management firms, auditors and similar regulated service providers. World-Check,
the leading global AML intelligence solution, provides an overview of AML
compliance and the laws underlying this area of regulatory
compliance.

According to the latest KPMG Global Anti Money Laundering
Survey, published in 2007, a staggering US$ 1 trillion per year is being
laundered by financial criminals, drugs dealers and arms traffickers worldwide.
With this much laundered money in the wrong hands, criminal syndicates are able
to expand their operations, resulting in more violence, higher levels of
addiction and a range of related socio-economic problems throughout the
world.

Laundered money is also known to finance highly coordinated
international terrorist activities; a phenomenon that poses a clear and present
danger to worldwide political and economic stability.

As such, Anti Money
Laundering and the Combating of Terrorist Financing (CTF) can only be treated as
pressing objectives of global concern. A sharp worldwide increase in the amount
of wealth in private hands, combined with the multinational expansion of leading
financial institutions, further necessitated the expansion of supranational
legislation and law enforcement structures to combat money laundering and
related financial crimes.



History of Anti Money Laundering
Compliance Laws

Although AML compliance has been accentuated by recent
global developments, it is by no means a new regulatory issue. Modern Anti Money
Laundering regulations are to a large extent informed by the earlier experiences
of the Swiss banking community, where financial scandals involving the likes of
Nigeria’s General Sani Abacha and the Philippines’ Marcos family resulted in
extremely bad publicity for the institutions involved.


The arrival
of the new millennium was marred by a series of coordinated acts of terrorism
and a number of massive corporate scandals involving the likes of Enron and
Riggs formerly a leading American financial institution.

These events
highlighted the fact that money laundering had taken on epic proportions over
time, and that the proliferation of new technologies and communication platforms
had created countless opportunities for fraud, money laundering and other elicit
financial activities. They also accentuated the need to “know your customers”,
and led to the creation and implementation of a range of KYC and AML laws aimed
at preventing financial criminals from accessing and abusing financial
systems.

Given the fact that the greatest majority of criminal activities
generating profits only start generating a traceable paper trail once funds are
introduced into the financial system, it was deemed necessary to approach AML
compliance and law enforcement in a way that clamped down on abuses of the
world’s official banking and financial systems. To this end, regulatory,
legislative and law enforcement agencies set out to create an AML compliance
framework and cross-border law enforcement regime aimed at holding financial
institutions accountable for their clients’ transactional activities

VSEP

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While
membrane-based separations of liquids from solids have enjoyed increasing
popularity over the last 20 years, the technology has an inherent Achilles heel
that affects all membrane devices: fouling. This long-term loss in throughput
capacity is due primarily to the formation of a boundary layer that builds up
naturally on the membranes surface during the filtration process.In addition to
cutting down on the flux performance of the membrane, this boundary or gel layer
acts as a secondary membrane reducing the native design selectivity of the
membrane in use.EMERYVILLE, Calif. and IPSWICH, Australia, Sept. 21 /PRNewswire/
-- New Logic Research, Inc., the maker of VSEP, the vibrating membrane
filtration system, announced today its participation in the official
commissioning ceremony for the Australian Hardboards Water Recycling Plant in
Queensland, Australia.On hand for the ceremony were members of the Australian
Hardboards and New Logic executive team, as well as numerous business leaders
and local officials, including Cr. Paul Pisasale, the mayor of Ipswich.The
wastewater treatment and recovery system, which combines seven i84 VSEP
nanofiltration membrane modules, recovers wastewater for reuse within the plant.
The system, which is capable of processing approximately 200,000 gallons per
day, runs continuously automated by a programmable logic controller
(PLC).According to New Logic CEO Greg Johnson, "VSEP is fast becoming accepted
as the best available technology for tough wastewater treatment applications in
Australia. The Australian Hardboards installation represents our second
Australian installation in as many months; still more will be coming online
within the next year. We were honored to be a part of the ceremony, and to show
our commitment to helping to solve the Australian water shortage problem."New
Logic International Sales Manager Melysa Reiss adds, "The paradox of Australia's
decreasing water resources and increasing industrial demand requires innovative
technologies to bridge the gap. We are proud to have the opportunity to do just
that for Australian Hardboards and other firms throughout the continent."Water
shortage caused by drought and increased populations has created a crisis in
many parts of Australia. Water supply levels have fallen to 30% of normal, and
continue to drop. Local water districts have implemented severe water
restrictions to try to stop the drop in supply levels. Brisbane is currently at
a Level 4 water restriction that requires mandatory conservation. By recycling
its wastewater and reducing its fresh water intake using the VSEP system, AHL
has conserved the equivalent of 2000 homes worth of water supply per year. This
example of water conservation is being used as a showpiece for other industries
to follow.About New Logic Research, Inc.Headquartered in Emeryville, California,
New Logic Research is the leading provider of high-performance membrane
filtration systems used in a wide variety of applications from pure water and
wastewater treatment to chemical process clarifications. Founded in 1987, New
Logic has grown to meet the needs of its ever-expanding customer base, which
includes major corporations from around the World. Today, New Logic provides a
breadth of products and services for pure water and wastewater treatment,
industrial and chemical processing, power, pulp and paper, oil and gas
production and processing, paint and pigments and electronics industries. For
more information